Iraq Economic News and Points to Ponder Monday Afternoon 11-25-24
Al-Alaq: The Monetary Situation In Iraq Is Excellent And Our Reserves Support The Stability Of The Exchange Rate
Time: 2024/11/25 Read: 1,911 times {Economic: Al Furat News} The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Monday, that the monetary situation in Iraq is very excellent, noting that “the increase in the volume of reserves enables us to support the exchange rate and achieve monetary stability.”
Al-Alaq added in a press statement that the Central Bank is distinguished by its ability to "respond to providing the country's needs for currency," indicating that "foreign transfers for trade purposes are proceeding smoothly after the implementation of the new system."
Al-Alaq revealed that "the Central Bank will launch a new mechanism for travel or treatment transfers next year," stressing that "there are agreements with four companies to launch a new mechanism for travel or treatment transfers." LINK
US Ambassador: Our Partnership With Iraq Continues And We Are Committed To Supporting These Sectors
Monday 25 Nov 2024 | Economic Number of readings: 112 Baghdad / NINA / The US Ambassador confirmed the continuation of the US government's partnership with the Iraqi government and working hand in hand with various sectors, and providing sustainable energy to ensure a better future for future generations.
“Launching this program will help us secure Iraq’s future,” said US Ambassador Alina Romanowski during the launch of the Universal Access Program to Improve Water and Sanitation Services in Iraq today, Monday, in the capital Baghdad. “Launching this program will help us secure Iraq’s future. Last September, the US government, through the US Agency for International Development and UNDP, helped Iraq with existing strategies to protect the environment and diversity from climate change.” She added
“Launching the Universal Access Program to Water and Sanitation Services and Achieving Food Security for the Most Vulnerable People is an important strategic step. We believe that the importance of access to clean water in Iraq may pose a challenge to some citizens in the countryside or the city. We also see that there are many challenges that we can clearly see.”
She explained, “Climate change, unsustainable irrigation systems, and water pollution are emerging challenges to the environment and also affect people’s lives. Therefore, we are working today to invest in water and sanitation, and we can help build the basic infrastructure for this issue.”
She added, “The US government, through the US Agency for International Development, is cooperating today with UNICEF to launch this program, which will help provide financial grants to launch The comprehensive access to water and sanitation services program and the management of the water file in its entirety, will also help in the integration of various parties, including the international community, the public sector and the private sector, hand in hand to work with each other,”
indicating that “this partnership is to enhance water and sanitation services that help people to access safe drinking water, and there are 5.9 million people who may not be able to access this clean safe water.”
The US Ambassador stressed the need for community leaders, the public and private sectors, and all citizens to cooperate to rationalize water use, and the importance of this water for everyone.
She continued, "Since 2017, USAID has contributed to various programs and played an important role in helping 12 million citizens access safe water, and has also helped various water projects. For the period 2020-2023, USAID has also contributed to the reconstruction of 10 desalination plants in Basra, as well as helping five million people in Basra access healthy water."
She added, "This long-standing partnership with the Iraqi government, and cooperation with UNICEF since the beginning of this year, has helped the US Agency secure 18 million people to enhance access to water as well as various water initiatives, how to ensure the availability of water and its optimal use, and better manage water resources."
She pointed out that $15 million was provided last June to help food programs, enhance Iraqi community preparedness, and reduce the impact of climate on water projects, in addition to other initiatives in which women and youth contributed, indicating that “access to water is an important goal in the sustainable development agenda, and represents a commitment between our two countries to protect cultural and knowledge exchange.”
She added that “the importance of the sustainable support strategy for water management falls within the framework of an important environmental need that may help today in addressing water scarcity, addressing the problem of food and water security, and confronting climate change,” stressing that “the support that we are all committed to today will help us in various fields through various partnerships, projects, and assistance.” /End5 https://ninanews.com/Website/News/Details?key=1171022
The Monetary Position Is Very Excellent".. Central Bank: We Will Launch A New Mechanism For Travel Or Medical Transfers
Economy | 11/25/2024 Mawazine News – Baghdad The Governor of the Central Bank, Ali Al-Alaq, announced today, Monday, that the monetary situation in Iraq is very excellent, and while he indicated that external transfers for trade purposes are proceeding smoothly after the implementation of the new system, he confirmed the existence of agreements with 4 companies to launch a new mechanism for travel or medical transfers.
Al-Alaq said, on the sidelines of his participation in the opening of the activities of the Arab Sustainable Development Week Forum in its fifth edition, held in the Egyptian capital, Cairo, and followed by "Mawazine News", that "there are trends within the government aimed at diversifying and strengthening the national economy, as the banking sector does not flourish except when there is a diverse production base,"
indicating that "Iraq suffers from heavy dependence on economic activity related to the oil sector, which contributes mainly to the transfer of oil resources to the trade sector, and this constitutes a major imbalance in the structure of the economy."
He continued, "In other words, oil revenues are transferred to building the economies of other countries through the large volume of imports, and this requires the necessity of activating the banking sector to provide the necessary financing to establish real projects in the basic economic sectors, especially in the industrial and agricultural sectors, in addition to other sectors."
Al-Alaq added: "I believe that this approach will contribute to reducing dependence on oil resources, in addition to providing job opportunities and real economic growth."
He stressed that "the monetary situation in Iraq is currently very excellent," noting that "the high volume of foreign reserves enables the Central Bank to support and defend the exchange rate and achieve monetary stability, despite the difficult circumstances surrounding the countries of the region."
He explained that "the Central Bank is working to find ways and means to meet all the needs of the country, citizens and the business sector for foreign currency."
He continued by saying: "Whenever the necessary conditions and factors are available for transfer operations or demand for foreign currency, the Central Bank is ready to deal with this request without any fears or concerns, which contributes to maintaining stability."
He stressed that "the Central Bank is currently distinguished from the rest of the countries in the region by its ability to respond to providing the country's needs for foreign currency, whether for the public or private sectors or even the civil sector, to meet various types of requests for foreign currency."
He pointed out that "there is a historical shift taking place in the framework of foreign transfers and meeting demands for the US dollar, as there were many observations that necessitated changing the procedures and policies related to dealing with and providing foreign currency."
He added, "The Central Bank has implemented a new system for foreign transfers to ensure their fluidity and transparency. Despite the challenges and difficulties that faced the implementation of these procedures at the beginning, we have overcome these obstacles,
and today the process of foreign transfers for commercial purposes is proceeding smoothly, which explains the general control over prices and inflation, as the Central Bank continues to provide dollars for trade at the official price."
He continued, "New channels have also been opened for transfers using other currencies, such as Turkey, India and China, in addition to European countries. This will make the process of foreign transfers more flexible and streamlined, while ensuring transparency and oversight that enhances trust and credibility in the operations we carry out."
Regarding providing remittances for citizens for various purposes, such as travel, treatment, or any legitimate transfers abroad, Al-Alaq confirmed, "Next year, we will launch a new method to expand and enhance these operations, just as we did for commercial transfers."
He pointed out that "there are also current agreements with relevant companies such as (Visa, Mastercard, MoneyGram, Western Union) to establish a new framework for implementing these operations, which will constitute another shift in controlling these operations."
Al-Alaq added, "Next year or the beginning of next year 2025 will witness the completion of the current procedures, and we seek to provide reassurance, especially with some people's questions about the fate of transfers after the completion of the electronic platform at the end of this year 2024."
“There is no sudden transition, but rather a gradual transition that began in 2024, where the banks’ relationship was transferred directly to correspondent banks without passing through other links, and the process has been completed with continued success,” he continued, stressing that “more than 95% of this goal has been achieved, and this process will be completed successfully within the next two weeks,” noting that “there is international anticipation to celebrate this occasion.”
https://www.mawazin.net/Details.aspx?jimare=256905
Find Out The US Dollar Exchange Rates In The Iraqi Markets With The Closing Of The Stock Exchange
Economy | 11/25/2024 Mawazine News – Baghdad The US dollar exchange rates stabilized on Monday in the markets of the capital Baghdad and Erbil, the capital of the Kurdistan Region, with the closure of the country's main stock exchange.
The dollar prices stabilized with the closing of the Al-Kifah and Al-Harithiya stock exchanges, recording 150,250 dinars per 100 dollars, the same prices recorded this morning.
As for the selling prices in exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 151,250 dinars per 100 dollars, while the purchase price reached 149,250 dinars per 100 dollars.
In Erbil, the dollar also stabilized, as the selling price in exchange shops reached 150,200 dinars per 100 dollars, while the purchase price reached 150,100 dinars per 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=256913
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